美国证券监管机构证交会是所谓的准司法机构。证交会有一定的裁判权，而且会领导的决策程序与法院有相似之处：凡属重大决定，皆由主席和4位副主席通过投票决定，一人一票，按多数票的意思办。证交会主席夏皮罗有意加强对货币市场基金的监管，但就是因为无法争取到3票，近期宣布证交会放弃制定新规则的努力。

The United States securities regulators SEC is called the quasi judicial institutions。The SEC has certain jurisdiction，And leadership of the decision-making process is similar with the court：All the important decisions，Is the chairman and vice chairman of four on the ballot，One ticket，According to the meaning of the majority do。SEC chairman Shapiro intends to strengthen the supervision of the money market fund，But just because can't get three votes，Recently announced SEC give up setting new rules of the efforts。

　　货币市场基金是共同基金的一种形式，是通过非银行金融机构融资的重要渠道。货币市场基金1970年问世，意在规避监管者对利率的限制，以便高息吸收资金。货币市场基金吸收投资者的资金，购买政府、公司和银行发行的短期债券。就其流动性而言，货币市场基金几乎等同于货币。美国货币市场基金鼎盛期间有3.8万亿美元，2008年金融危机发生时有3.4万美元，2012年仍然有2.6万亿美元。通用电气和卡特彼勒这样的大公司也从货币市场基金筹资。

Money market fund is a form of mutual funds，Is through the non-bank financial institutions of the important channels of financing。Money market funds appeared in 1970，To avoid the limitation of regulators to interest rates，So dear absorption funds。Money market funds absorption investors' money，Buy government、Companies and Banks issued short-term bond。In terms of its liquidity，Money market funds is almost equal to money。The United States money market funds golden period have 3.8 trillion dollars，The 2008 financial crisis is $34000，In 2012, still have 2.6 trillion dollars。General electric and caterpillar such big company also from money market funds financing。

　　如果按证交会主席夏皮罗的意思办，货币市场基金一是必须有更多的现金准备金；二是要改变“一美元制”，基金份额的价格应当随其市场价值波动，不再是投资者投入1美元，就可以收回1美元。夏皮罗之所以推行新政，并不是与行业过不去，实在是金融危机中货币市场基金濒临崩溃，令监管者们至今仍然心有余悸。

If according to the SEC chairman Shapiro mean to do，Money market funds is a must have more cash reserve；The second is to change“A dollar system”，The fund share price should with its market value fluctuation，Is no longer investors invest $1，You can withdraw $1。Shapiro is implementation of the New Deal，Can not and industry，It is financial crisis monetary market fund is on the verge of collapse，Make the regulators still jittery。

　　2008年9月12日雷曼兄弟倒闭，金融市场大乱，投资者纷纷挤兑货币投资基金。投资者只需提前24小时通知货币市场基金，即可收回每股1美元的保本资金，无需交纳罚金。如果货币市场基金崩溃，通用电气等大公司有可能无法融资。美国联邦政府不得不施以援手，而且颇费了些周折。按照美国证交会的规定，货币市场基金不得借款。美联储只得先放款给商业银行，再由商业银行向货币市场基金购买商业票据。借款方以贷款合同或租赁合同作为抵押，由美联储持有此类抵押后担保。如果作为抵押的贷款合同或租赁合同无法兑现，损失由美联储承担。但在挤兑者的重压之下，美联储也感到独木难支，财政部赶紧表态，愿意动用其资金为货币市场基金提供担保。

On September 12, 2008 lehman brothers collapse，Financial market chaos in，Investors have run monetary investment fund。Investors need to 24 hours in advance notice money market funds，Can withdraw $1 per share the break-even funds，Need not pay the fine。If money market funds collapse，Big companies such as general electric may not be able to financing。The federal government had to to help，And quite took some setbacks。In accordance with the provisions of the SEC，Money market funds shall not be borrowing。The fed had to first loans to commercial Banks，Again by the commercial bank to monetary market fund to buy commercial paper。Borrowers to loan contract or lease contract as collateral，The fed held by such after the mortgage guarantee。If as a mortgage loan contract or lease contract can not turn it in cash，By the fed agreed to take responsibility for the loss。But in a run on a bank person under pressure，The fed also feel DuMuNanZhi，The ministry of finance to declare，Willing to use its funds for money market funds to provide security。

　　货币市场基金行业并未痛定思痛，仍然全力抵制监管。证交会无能为力，但事情并没有到此为止。金融危机之后设立的金融稳定理事会还可以过问此事。如果金融稳定局认定，整个货币市场基金行业对金融稳定“至关重要”，监管还是不可避免。如果监管交由美联储负责，美联储是一个强势机构，虽说不是“法力”无边，但对银行还是有些办法的，可以限制银行从货币市场基金处借口，也可以要求管理货币市场基金的银行备有更多的资金以防不测。

Money market fund industry did not recall a painful experience，Is still full boycott of the supervision。SEC powerless，But things are not so far。Financial crisis after the establishment of the financial stability board can also voice in the matter。If financial stability that bureau，The money market fund industry to financial stability“vital”，Supervision or inevitable。If the supervision to the fed is responsible for，The fed is a strong institutions，Although not“mana”boundless，But the Banks or some way，Can restrict Banks from money market funds place excuse，Can also requires managing money market fund bank have more money in case of accidents。

　　假定美联储采取监管行动，监管对象不服，可以到法院起诉，败诉后如果不服还可以上诉。即便上诉后败诉，监管对象还有希望：共和党有可能在大选中获胜，卷土重来，重新任命监管机构的领导，重新放松监管。所谓程序正义，经常是政府部门之间相互踢球，来来往往，周而复始，无穷循环。

Assume that the federal reserve moved to regulatory action，Supervision refuses to accept the object，Can Sue to the court，After lose if not also can appeal。Even after lose appeal，Regulatory objects and hope：Republicans have may be in election，back，To appoint regulators leadership，To relax regulation。The so-called procedural justice，Often is the government department to play between，Come and go，cycles，Infinite cycle。

　　美国是重叠监管，经常议而不决。美国金融监管既有联邦监管机构之间的矛盾，也有联邦机构与州政府部门之间的矛盾。纽约州金融服务局负责人劳斯基单打独斗，重罚渣打银行的违规行为，就是监管之争的结果之一。货币市场基金监管举步维艰，也是监管之争的结果之一。

The United States is overlap supervision，Often discuss without decisions。The United States financial supervision as the contradiction between the federal regulators，Also have federal agencies and the contradiction between the state department。New York state financial service bureau chief rous base contribution，Standard chartered bank, carried out the illegal behavior，Supervision is one of the result of the argument。Money market funds supervision crippled，Supervision is one of the result of the argument。

　　金融稳定理事会本身便是重叠监管的体现。金融稳定理事会由15名成员组成，10人有投票权，5人没有投票权。有投票权的10人是以下部委的第一把手：财政部、美联储、货币管理署、金融消费者保护局、证交会、期交会、联邦储蓄保险公司、联邦住房融资机构、全国信贷联盟管理局，还有一位由总统提名和参议院认可的保险专家。没有投票权的5位成员是：联邦金融研究办公室的代表、联邦保险公司代表、各州保险监管机构负责人推选的代表、各州证券监管机构负责人推选的代表、各州银行监管机构负责人推选的代表。

The financial stability board itself is the embodiment of the overlapping supervision。Financial stability the council consists of 15 members，Ten people voting，Five people have no voting rights。Voting 10 people are the following ministries and commissions first a hand：The ministry of finance、The fed、Currency administration、Financial consumer protection agency、SEC、Period intersection、The federal deposit insurance company、The federal housing finance agency、The national credit union administration，And a nomination by the President and approved by the senate insurance experts。No voting rights of 5 members is：The federal financial research office representative、Federal insurance company representative、The state insurance regulators elected representatives、State securities regulators elected representatives of the person in charge、State bank regulators elected representatives of the person in charge。

　　金融稳定理事会实际上是美国有关部委的一个联席会议，由财政部长担任主席，向国会负责，而美国国会是一个立法机构，除非通过专门的法律，无法在具体问题上有效过问决策。美国财政部长是一个实权派，并不是普通的部长，出访时东道国出面接待的通常是副总理一级的官员。但金融稳定理事会主席是一个虚职，主要是起协调作用，并不能令行禁止。美联储主席、证交会主席和期交会主席都不好对付，没有一个善主。

The financial stability board is actually the relevant ministries and commissions of the United States a joint meeting，The finance minister chair，To congress responsible for，And America's congress is a legislative body，Unless through the special law，Not in specific issues of effective decision-making。U.S. Treasury secretary is a real power pie，It is not the ordinary minister，The trip to the host country to host is usually deputy prime minister level officials。But the financial stability board chairman is a XuZhi，Is mainly the coordination function，And can't move。Federal reserve chairman、SEC chairman and period intersection chairman is bad to deal with，Not a good Lord。

　　金融监管可以说是一块肥肉，有了地盘就可以添钱、添人。但金融监管也可以是一块硬骨头，货币市场基金的监管便是一块难啃的硬骨头，所以遇到阻力之后，证交会主席知难而退，鸣金收兵。

Financial regulation can be said to be a piece of fat meat，A site can add money、Add people。But financial regulation can also is a hard stuff，Money market fund supervision is a difficult task of hard bone，So after meet resistance，SEC chairman shrink back from difficulties，MingJin withdraw troops。

　　重叠监管并不是唯一的监管模式。英国和香港等司法辖区便是金融统一监管，由金融服务局总负责，统一监管银行、保险等金融行业。但统一监管之下金融欺诈和金融违法行为照样层出不穷，多家银行利息造假便是一例。但即便金融统一监管比重叠监管更为有利，美国也不可能放弃重叠监管。美国越是重要的领域，越是不能一家独大。美国执法部门就是多家机构重叠，而且相互独立。州有州检察，城镇有自己的警察局，联邦政府有联邦调查局，还有联邦法警。金融市场也是一个重要领域，不可能出现统一监管。

Overlap supervision is not the only supervision mode。Britain and Hong Kong and other judicial jurisdiction is financial unified supervision，The financial service overall charge，Unified supervision bank、Insurance and other financial industry。But under the unified supervision of financial fraud and financial illegal behavior so emerge in endlessly，Several bank interest is a fraud。But even if financial unified supervision more favorable than overlap supervision，The United States is no may give up overlap supervision。The United States the more important areas，The more can't monopoly。The United States law enforcement agencies is much overlap，And independent。States have state procuratorial，The town has its own police station，The federal government has a federal bureau of investigation，And federal officers。Financial market is also an important field，It is not likely to unified supervision。

　　(作者系中国政法大学教授)

(The author is a professor of China university of politics and law)